Rain makes more grain than flooding takes away!

Overnight- Corn, soybeans and wheat futures were mostly lower.

Massive amounts of rain punished N Iowa and S Minnesota leaving fields flooded as well as some towns across that area resulting in some water rescue situations.

The markets did not get any lift from this weather and the overwhelming sentiment is that rain makes grain and any bushels lost to flooding will be made up for by other areas that received good moisture but no flooding.

We have a busy week ahead of us. This afternoon we have crop conditions which should drop again this week and maybe that will give us some life going into Tuesday.

We have acres and quarterly stocks reports on Friday as well as First Notice Day for July futures.

Better rains forecasted for the ECB has traders unafraid to keep selling.

Bottomline

While the selloff last night and this morning in corn is puzzling, we look for better prices the rest of the week. Soybeans are already trying to rebound. Like we said above, a busy and volatile week ahead and we doubt it negative the rest of the way. NFC Grain Comments Options -new (69)

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